Oddo BHF maintains its 'neutral' rating on Lhyfe shares, with a price target lowered from 9 to 8 euros.

The analyst reports that management has confirmed the targets set at the IPO a year ago, i.e. installed capacity of 55 MW by 2024 (+10 MW in 2023, then +40 MW in 2024), then 200 MW in 2026, with full impact in 2027.

Meanwhile, Oddo believes that FCF will remain negative, with EBITDA expected to be negative until 2026. Management is aiming to reach the EBITDA break-even point in 2026, but the ramp-up will necessarily be long", notes the analyst.

In concrete terms, "we have revised downwards our earnings sequence, with sales of around 2 ME (vs. 7.6 ME previously) and EBITDA of -26.4 ME (vs. -21.2 ME previously) for 2023", concludes the broker.

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